1) Opportunity: The market stems from restaurants and other food delivery services not accommodating dietary restrictions of groups including vegans and muslims. Geographically this means mostly in the United States but for the purposes of a small startup I'd have to say Florida. Currently customers have to go to multiple grocery stores to acquire special ingredients and are very limited in options when eating out. I'd say that the only limits of this ideas reach is the number of people in the demographic. However these are fairly big groups and so the market is far reaching as it is wide. The window won't be open for to much longer as similar services and cultural shifts will inevitably lead to someone starting this very same business.
Innovation: The concept is pretty basic. In essence it's a website or app you can go on, fill out a survey based on dietary needs, and have ingredients plus recipes delivered right to your door. Most likely it would be a subscription based service and for one person I'd say it be around $80 a week for 2 meals a day. We'd like to eventually expand out and supply ingredients to local restaurants as well.
Venture Concept: The reason this service works so well is because we live in an age filled with diverse ideologies and people are becoming super picky about what they consume. The food industry is failing to adapt to this because the initial cost to make that shift would be to hard. The service also brings the convenience of online shopping to food. Because of this they leave an unfilled gap in the market. That is why people will use the product. It's convenient, personal, and gives them access to something they never had before. The competitions would be other food delivery services as they are the closest thing to what I'm offering. However, they are often expensive and offer everyone the same options. The business would be organized in the following way. Customer orders on website. Suppliers ship ingredients to centralized warehouse. Parcels are made based on customer needs and shipped out to customer. We'd need a at least 6 employees working minimum wage in the early stages.
2) I only got one response on the last venture concept and it was overwhelmingly positive. Offering meals based off health over weight loss was a positive.
3) Other then changing a few details the revisions is relatively the same. I also revised the price and some of the numbers.
Mohamed,
ReplyDeleteI have followed along with your venture idea for several of your blog entries, and your venture idea and idea napkin were some of them. I think your idea is a good one. For this assignment, however, it was a little hard to follow what exactly you are suggesting that you would do differently from what you originally mapped out. Unless I’m mistaken, it looks like it’s only your points #2 and #3 were added. I don’t see how you are changing your approach and you didn’t list any price changes. Your thought about focusing on the health aspect is good, but wouldn’t this already be targeted to people with dietary restrictions that are based on religious reasons? I wouldn’t think that would change.
Susan